UPDATE 1-Brazilian tycoon restructures more of $2 bln Mubadala debt

martes 5 de agosto de 2014 12:07 GYT

(Recasts to tie in Batista asset transfer news from Monday, deal details, group history, share prices)

By Jeb Blount

RIO DE JANEIRO Aug 5 (Reuters) - Brazilian tycoon Eike Batista moved on Tuesday to settle his debts with Mubadala Development Co PJSC, the Abu Dhabi government investment fund, by agreeing to transfer his stock in a port operator, the second such accord in two days.

Batista owes Mubadala about $2 billion, the result of a deal in which Mubadala bought 5.63 percent in a Batista holding company, a transaction that was ultimately structured as a loan.

The Mubadala deal came in March 2012, just before Batista's industrial conglomerate, EBX Group, collapsed along with Brazil's decade-long commodities boom. Under terms of the deal, Batista was required to give Mubadala part of his holdings if the investment didn't return at least 5 percent a year.

Under the accord announced Tuesday, Batista and the companies he controls would transfer to Mubadala a 10.44 percent stake in Prumo Logistica SA, Prumo said in a statement. Prumo owns the Port of Acu, north of Rio de Janeiro.

The transfer would cut Batista's stake in Prumo to 10.5 percent from 21 percent, according to data from the Sao Paulo stock exchange as of July 15.

On Monday, Batista's MMX Mineracao e Metalicos SA said he agreed to transfer 10.5 percent of the iron ore miner to Mubadala.

Both transactions were expected to be finalized by the end of September.   Continuación...